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it's actually worked pretty good effect thus far on things like the fiscal cliff and debt ceiling. republicans will try to draw a line somewhere. i'm not sure why yet. >> they thought they could draw it on national security with chuck hagel, and we've seen in the last 48 hours the president picked up the phone and he cauldron widen. he hasn't called too many senators too often, even in his own party. he cauldron widen because they had a real obstacle, and he knew that his cia nominee, his close friend, someone he is really eager to have confirmed john brennan, was in trouble going to that hearing. now not so much trouble. >> not so much trouble. these hearings are always as much about the -- using the moment as a lever to dislodge things that congress wants as they are about the nominee himself. i don't think there were a lot of questions about john brennan's kwaul ficks for the job. if i might say to live township the transparency that's been happy to profess. can i go back to the state of the union? i want to add a little bit of a note of caution to all this presidential huffing
it's actually worked pretty good effect thus far on things like the fiscal cliff and debt ceiling. republicans will try to draw a line somewhere. i'm not sure why yet. >> they thought they could draw it on national security with chuck hagel, and we've seen in the last 48 hours the president picked up the phone and he cauldron widen. he hasn't called too many senators too often, even in his own party. he cauldron widen because they had a real obstacle, and he knew that his cia nominee, his...
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to put off the table the debt ceiling because they don't want to accuse of causing a debt default. they postpone it. they're going to continue the current levels so they're not going to be accused of shutting down the government. >> by the way, is that going to go on for three months or actually put it off for a year or two? >> they're going to do it every three months and every three months postpone it so that you know, the democrats on a short leash. i don't think they're going to try to default and nobody wants that. but they think that the democrats had all the leverage in fiscal cliff because of taxes. i think this time around it's the spending cuts automatic and they want to play hardball and there will be a game of chicken. we'll see which side blinks. >> what's your sense on employment? what's your projection in terms of where we are on the unemployment picture 12 months out? >> i think there will be a slow reduction of the employment rate because we're going to create something between 150,000 and 200,000 jobs essentially per month. >> that's going to be consistent? >> ups
to put off the table the debt ceiling because they don't want to accuse of causing a debt default. they postpone it. they're going to continue the current levels so they're not going to be accused of shutting down the government. >> by the way, is that going to go on for three months or actually put it off for a year or two? >> they're going to do it every three months and every three months postpone it so that you know, the democrats on a short leash. i don't think they're going to...
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Feb 10, 2013
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as he did with the debt ceiling vote. as he did with the bill for hurricane sandy victims. as it came with the fiscal cliff agreement. i see that as a possibility with a gun control and immigration, because while republicans cannot be eager and willing to discuss the issues, pulling suggest that the house may have to pass something. i will meet democrats. host: -- they will need democrats. host: you say the election created a new deadline for the gop? guest: if they do not act on certain things, they may suffer bitter consequences at the polls, especially in those purple districts, areas where republicans are vulnerable. most of the congressional map has been drawn in favor of republicans and that served in congress. it has been difficult for house democrats to retake the house. history shows that in the final two years of an incumbent president's second term, it is impossible for his party to retake the majority in the house. but, they say, look, congress continues to behave as it did in the past two years, the public -- republicans will be blamed. when it comes to economi
as he did with the debt ceiling vote. as he did with the bill for hurricane sandy victims. as it came with the fiscal cliff agreement. i see that as a possibility with a gun control and immigration, because while republicans cannot be eager and willing to discuss the issues, pulling suggest that the house may have to pass something. i will meet democrats. host: -- they will need democrats. host: you say the election created a new deadline for the gop? guest: if they do not act on certain...
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has signed into law the government raising the debt creole creole -- debt ceiling. house republicans are calling out president obama for missing an official deadline on monday. by law the president is required to deliver his budget for the upcoming fiscal year to capitol hill. this is the fourth time in five years that simply did not happen. and house speaker john boehner is pointing fingers. >> going to be late. some reports say it could be as long as a month late. i think that's too bad. our economy could use some presidential leadership right now. >> republicans plan to hold a vote today on the new measure to drive attention to the missed deadline. the white house isn't saying when the 2014 spending plan is coming out. that is very unusual. the buzz is mid- to late march at this point which is pretty much unheard of. you do not see budgets delayed quite this long. you have to go back to the reagan era to find that kind of delay. >> any reason what's the holdup? >> this is all political. we have the sequestration set to hit in march but what's interesting is that
has signed into law the government raising the debt creole creole -- debt ceiling. house republicans are calling out president obama for missing an official deadline on monday. by law the president is required to deliver his budget for the upcoming fiscal year to capitol hill. this is the fourth time in five years that simply did not happen. and house speaker john boehner is pointing fingers. >> going to be late. some reports say it could be as long as a month late. i think that's too...
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where i think republicans thought especially since they put off the debt ceiling fight they'd be able to take control of this issue. >> let's play what mitch mcconnell said just yesterday slamming the democrats for floating new revenue proposals. >> this is just another opportunity to trot out the democrat focus group approved policy stunt. if this is another fake fight designed by the white house to push us to the brink, then republicans are really not interested in playing along. >> molly, another fake fight. as it was described by mitch mcconnell there. but we know when you look at polling and watched since the end of the year, the polls show it's republicans who come up short where people believe they're presenting the fake fight, at least some of the polling. >> well, it is interesting to hear mcconnell describe it as focus group approved. they believe public opinion on their side and if there is what is viewed as gridlock and dysfunction in washington, republicans are blamed by that. i think the white house concluded, looking back on the last four years, that every time republic
where i think republicans thought especially since they put off the debt ceiling fight they'd be able to take control of this issue. >> let's play what mitch mcconnell said just yesterday slamming the democrats for floating new revenue proposals. >> this is just another opportunity to trot out the democrat focus group approved policy stunt. if this is another fake fight designed by the white house to push us to the brink, then republicans are really not interested in playing along....
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Feb 6, 2013
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ceiling decision. which shouldn't be a decision. all you have been hearing from the majority in the house and the republicans in the senate is, austerity, austerity, cuts, cuts, and avoiding the whole discussion of the fact that those -- that attitude and that philosophy is only going to worsen the economy. if the sequestration goes through, that's 650,000 jobs lost the first year. and the balancing act is about creating revenue. and creating revenue from sources that should be on the table but aren't being discussed on the table. balancing act is about investment in this term with jobs, education, r & d, things that our country need in order to grow and sustain the recovery we're on. so, investment in this term, and we all recognize the deficit is an issue but it is an issue over a long term, and the balancing act by repealing sequestration creates for us in this country an opportunity to continue to recover and stabilize our economy, invest in thing wes need for the future, and put on the table reven
ceiling decision. which shouldn't be a decision. all you have been hearing from the majority in the house and the republicans in the senate is, austerity, austerity, cuts, cuts, and avoiding the whole discussion of the fact that those -- that attitude and that philosophy is only going to worsen the economy. if the sequestration goes through, that's 650,000 jobs lost the first year. and the balancing act is about creating revenue. and creating revenue from sources that should be on the table but...
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obama suggested it in negotiations in the debt ceiling in 2011 but now he doesn't want any domestic cuts. he's not somebody who wants cuts anywhere, anytime and this will be forced on him and on the pentagon cuts which he thought the republicans would avoid. he's the commander in chief. he has to worry about the forces, his own secretary of defense said we'll hollow out the forces and it will cost a lot of jobs of contractors, a lot of whom live in a state he wants, virginia. so he has to do something about this and it's unbelievable he would have offered the republicans a deal in which there are extra tax increases. republicans will do nothing and they should do nothing and demand if the president wants to avoid this, you do the cuts but do them somewhere else but no tax increases. >> charles lam, twice republicans have caved in to the demands of the white house and other democrats. do you think they'll do that again or will they do nothing? >> i prefer not to think of it as caving in. perhaps there's time for everyone to get reasonable. i agree with charles that the president's probabl
obama suggested it in negotiations in the debt ceiling in 2011 but now he doesn't want any domestic cuts. he's not somebody who wants cuts anywhere, anytime and this will be forced on him and on the pentagon cuts which he thought the republicans would avoid. he's the commander in chief. he has to worry about the forces, his own secretary of defense said we'll hollow out the forces and it will cost a lot of jobs of contractors, a lot of whom live in a state he wants, virginia. so he has to do...
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very briefly, were headed tersely perfect storm of sequestration in the debt ceiling decision, which shouldn't really be a decision. all you've been hearing for the majority in the house from republicans in the senate is austerity, cuts and avoided the whole discussion of the fact that attitude and philosophy is only going to worsen the economy. if sequestration goes through that's about 660,000 jobs lost the first year in the balancing act is about creating revenue. creating revenue from sources that should be on the table that are being discussed on the table. the balancing act is a bad investment in this term with jobs, education, r&d, things we need to grow and sustain the recovery we are on. so it's an investment in this term and we recognize the deficit is an issue of our long-term than the balancing act repealing sequestration creates in this country an opportunity to continue to recover and stabilize our economy, advice and thanks for the future and put on the table of revenue that is not data needs to be part of the revenue generation in order to do with the deficit issue st
very briefly, were headed tersely perfect storm of sequestration in the debt ceiling decision, which shouldn't really be a decision. all you've been hearing for the majority in the house from republicans in the senate is austerity, cuts and avoided the whole discussion of the fact that attitude and philosophy is only going to worsen the economy. if sequestration goes through that's about 660,000 jobs lost the first year in the balancing act is about creating revenue. creating revenue from...
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of the white house in order to raise the debt ceiling in 2011. >> but they now say it was the president who is responsible. >> exactly. they voted for this. >> and paul ryan runs a marathon in less than one hour. >> i thought it was like 20 minutes. he's superman. this is what they wanted. >> of course. congressman, here is another apparent contradiction you might like to clear up for us. on the one hand, you have eric cantor out there giving a speech on making life work. he sounds like tony robbins or something. he's trying to sell yet another iteration of the republican party, but when you strip away the soft smile and the cadence, he'd happily slash every one of those programs that you just went through, wouldn't he? >> oh, absolutely. eric cantor despite all of the covering in the near is definitely proposing budgets that are hostile to middle and low income people. and particularly to vulnerable people, but not only that, you know, programs like s.n.a.p. actually give people money they can spend at the store that allows the store to hire people. eventually the programs they cut wil
of the white house in order to raise the debt ceiling in 2011. >> but they now say it was the president who is responsible. >> exactly. they voted for this. >> and paul ryan runs a marathon in less than one hour. >> i thought it was like 20 minutes. he's superman. this is what they wanted. >> of course. congressman, here is another apparent contradiction you might like to clear up for us. on the one hand, you have eric cantor out there giving a speech on making...
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first of all, on the debt ceiling issue. i think the american people remember in the summer of 2011 you had lots of house republicans who were threatening not to increase the debt ceiling which means the united states would default on its obligations. it is important to understand what lifting the debt ceiling is all about. it's to provide the federal government the ability to pay for bills and obligations already owing, already owing under the law. and so if the federal government were to wake up one day and decide not to pay those bills it would be like any of us getting up one day after having gone out and bought things on a credit card and saying, you know what, we bought those things but we're not going to pay for them. and every cent of those obligations has been voted on previously by congress over the years. which is why people say so clearly, don't mess around with the public debt because -- and the u.s. debt because it would have a very negative impact on our economy and on the world economy. now, tom mentioned tha
first of all, on the debt ceiling issue. i think the american people remember in the summer of 2011 you had lots of house republicans who were threatening not to increase the debt ceiling which means the united states would default on its obligations. it is important to understand what lifting the debt ceiling is all about. it's to provide the federal government the ability to pay for bills and obligations already owing, already owing under the law. and so if the federal government were to wake...
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now on the horizon there are lots of house republicans, particularly younger ones, who say let's cut the defense budget, let those automatic spending cuts take place, and there are lots of senior republicans who say, not so fast. so that's going to be a problem within the republican party as we look ahead. >> where does karl rove and his new super pac fit into that? >> did you ever think republicans would call him a rhino, republican in name only. here you go. i've always thought of karl rove as a conservative. what's going on is his pac has said, you know what, we are tired of someone associated with his pac said to me, quote, the novelty of losing elections has worn off, and what they've decided to do is to start putting their money in primaries. they want to vet republican primary candidates so that by the time they get to the general election they believe they have qualified vetted candidates who can actually win. conservatives are saying, this is not what you should do. you need to let the process work itself out and american crossroads is saying, don't sacrifice ideological pur
now on the horizon there are lots of house republicans, particularly younger ones, who say let's cut the defense budget, let those automatic spending cuts take place, and there are lots of senior republicans who say, not so fast. so that's going to be a problem within the republican party as we look ahead. >> where does karl rove and his new super pac fit into that? >> did you ever think republicans would call him a rhino, republican in name only. here you go. i've always thought of...
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. >> fiscal cliff, the debt ceiling, immigration he said there's room but, look, republicans need to get religion on this. do you expect a similar tone in the state of the union? >> he has a limited amount of time. they feel they have a so-called m mandate from their victory not losing the senate. i think it's kind of full speed ahead for the president right now. he's going to go as bold as he can go, limited amount of time. i think i disagree a little bit on the economy. i think it's a course correction for him. i feel he's maybe second-guessing, not talking about the economy during his inaugural speech, now maybe i should have talked about that. >> which is fascinating because if you look at the first term in a lot of ways, you know, he started off -- you had a republican party that was largely kind of in the doldrums and he started off with economic stimulus and health care which united the party in some way. is he -- is he smart to refocus on the economy, jim? >> yes. >> and probably the more important question, is there actually -- we had angus king on saying there's common grou
. >> fiscal cliff, the debt ceiling, immigration he said there's room but, look, republicans need to get religion on this. do you expect a similar tone in the state of the union? >> he has a limited amount of time. they feel they have a so-called m mandate from their victory not losing the senate. i think it's kind of full speed ahead for the president right now. he's going to go as bold as he can go, limited amount of time. i think i disagree a little bit on the economy. i think...
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ceiling decision. which shouldn't be a decision. and all you have been hearing from the majority in the house and the republicans in the senate is austerity, austerity, cuts, cuts and avoiding the whole discussion of the fact that those -- that attitude and philosophy is only going to worsen the economy if the sequestration goes through, that is 660,000 jobs lost the first year and the balancing act is about creating revenue and creating revenue from sources that should be on the table, but aren't being discussed on the table. balancing act is about investment in this term with jobs, education, r&d's in order to grow and stin the recovery we are on. investment in this term. and we all recognize the deficit is an issue, but an issue over a long-term and the balancing act by repealing sequestration, creates for us in this country an opportunity to continue to recover and stabilize our economy, invest in things that we need for the future and put on the table revenue that is not there that needs to be par
ceiling decision. which shouldn't be a decision. and all you have been hearing from the majority in the house and the republicans in the senate is austerity, austerity, cuts, cuts and avoiding the whole discussion of the fact that those -- that attitude and philosophy is only going to worsen the economy if the sequestration goes through, that is 660,000 jobs lost the first year and the balancing act is about creating revenue and creating revenue from sources that should be on the table, but...
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republicans acted in that direction by putting off the debt ceiling a couple of months until may as hampton mentioned a minute ago. the president is going to propose the same thing on the budget sequester but not, according to a white house official, laying out his own plan. he's going to call on congress to do that and expected response from republicans, tyler, is, hey, mr. president, where are your cuts, we want to see them. >> john harwood, thank you very much. once again you will see the president's address live right here on "power lunch" in just a few moments. before that occurs, we have a triple digit advance. the market added to advances a few moments ago when we got budget figures. the dow up 109 points. the nasdaq up 34 and the s&p 500 is up 14 points. more on the trading action right here from bob pisani. he joins me on the floor of the nyse. it's almost like yesterday didn't happen. >> the important thing is, i know it doesn't seem terribly exciting but we are 14,000, we're a couple of points from a historic high from the dow jones industrial. we've been up a couple points throu
republicans acted in that direction by putting off the debt ceiling a couple of months until may as hampton mentioned a minute ago. the president is going to propose the same thing on the budget sequester but not, according to a white house official, laying out his own plan. he's going to call on congress to do that and expected response from republicans, tyler, is, hey, mr. president, where are your cuts, we want to see them. >> john harwood, thank you very much. once again you will see...
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supposedly conservative issues like the debt ceiling and fiscal cliff. he is still right in there with more of the highbound tea-party issues. whether it's rand paul or paul ryan for 2016 and i know people want to throw up when they start thinking about 2016 already, but there's a new generation of republican leaders that are jockeying for position and he is a moderate on certain issues. >> i want to put up your magazine cover, and i want to put up your international cover as well. this is -- this is the international cover here. marco rub yo and the next america. no savior mention here. >> we chose that cover line, because, yeah, the switching that is going on right now. we did not think that marco rubio was a internationally famous figure, the way that he is a nationally famous figure. and we wanted to highlight the long-term demographic trends that is taking place in the america. where it's more multi-culture society. one more finally tuned to immigration. that is something that "time" can do as a global brand. >> we will go with that explanation. >>
supposedly conservative issues like the debt ceiling and fiscal cliff. he is still right in there with more of the highbound tea-party issues. whether it's rand paul or paul ryan for 2016 and i know people want to throw up when they start thinking about 2016 already, but there's a new generation of republican leaders that are jockeying for position and he is a moderate on certain issues. >> i want to put up your magazine cover, and i want to put up your international cover as well. this...
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then they decide not to fight on the debt ceiling and they need to move the attention on to something else. say they do have leverage elsewhere. so they have chosen sequester and put up a very brave face on it. it's possible they could convince themselves to let it actually happen but the idea that they get some sort of significant political gain from it, these are cuts they hated and they hated in large part because they hurt things they care about. so to permit the sequester to go forward on that kind of rationale is not a political win, not a policy win. everybody is losing. >> the "new york times" op-ed says more than a million jobs are on the line if this deal isn't made. a quote saying the losses will soon spread as contracts to states and cities are cut, education and police grants are cut, and payments to medicare providers are cut, even the aid just approved to victims of hurricane sandy will fall under the sequester's act. americans are about to find out what happens when an entire political party demands deficit reduction at all costs because those costs will be enormous. t
then they decide not to fight on the debt ceiling and they need to move the attention on to something else. say they do have leverage elsewhere. so they have chosen sequester and put up a very brave face on it. it's possible they could convince themselves to let it actually happen but the idea that they get some sort of significant political gain from it, these are cuts they hated and they hated in large part because they hurt things they care about. so to permit the sequester to go forward on...
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just quickly, he refused -- voted against raising the debt ceiling. he co-sponsored the old balanced budget amendment, which is a total shuck and jive. he signed the grover norquist finds. he backed florida's voter purge back to rick so -- backed rick scott in trying to get all of those people, a lot of them racial minorities off of the ballot in florida. he opposed federal action to heavy prevent violence against women act, extension of it t he believes employers should be able to deny birth control to their employees. he made some robo calls for an anti-hate group opposing same-sex marriage, marriage equality. and he doesn't believe in climate change. in fact, this week at the interview that he gave with buzzfeed's ben smith -- remember ben smith was in studio with us a couple of days talking about that interview, marco rubio said, on climate change he just thinks it's too expensive. >> number one, even if anything we would do on that would have a real impact on our economy, but probably if it's only us doing it, a very negligible impact on the envi
just quickly, he refused -- voted against raising the debt ceiling. he co-sponsored the old balanced budget amendment, which is a total shuck and jive. he signed the grover norquist finds. he backed florida's voter purge back to rick so -- backed rick scott in trying to get all of those people, a lot of them racial minorities off of the ballot in florida. he opposed federal action to heavy prevent violence against women act, extension of it t he believes employers should be able to deny birth...
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the guy who helped craft the debt ceiling plan. when he puts out that budget that is the document republicans have to run on the next two years because it has severe spending cuts on the domestic side because they have to balance the budget in ten years, a mighty task because they don't want to raise taxes. >> he has no interest in the sheer grind of campaigning. it's hard to see him having what it takes to run for president in 2016. is that even in his mind? is that a possibility for him? >> i don't think he's ever rule it out having been the veep last time and having national statutostature and i do think you have to wapt badly and willing to go for two years that state to state, talking to folks at the grassroots and i don't think he really likes that. likes the idea of spending some time with his family and work the halls of congress. the next two years are about austerity for the republican party. that would be really tough to run for president trying to partially privatize medicare and cut domestic spending across the board.
the guy who helped craft the debt ceiling plan. when he puts out that budget that is the document republicans have to run on the next two years because it has severe spending cuts on the domestic side because they have to balance the budget in ten years, a mighty task because they don't want to raise taxes. >> he has no interest in the sheer grind of campaigning. it's hard to see him having what it takes to run for president in 2016. is that even in his mind? is that a possibility for...
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over the idea of raising the debt ceiling. guess what? it's time to pay the piper. >>> it's been delayed once. the president can argue all the bad things will happen and the food will be unsafe and the nuclear weapons will get lost in russia or whatever else he'll say, but eventually this is a problem that can't just be outrun. >> well, and the white house, at least the president's version of the story is he didn't come up with sequester and there are questions as you mentioned about jack lew being the man who came up with this, that there's some connection to the administration. he said congress came up with it, it's their fault, they have to deal with it. something else he may talk about today is essentially this theme that the economy is poised to start growing this year. we know it didn't grow. in fact, it went in reverse the fourth quarter of 2012 and unemployment went up last week, so where are the green sprouts of growth? >> well, we've seen this movie before, haven't we? every time it looks like things are getting read
over the idea of raising the debt ceiling. guess what? it's time to pay the piper. >>> it's been delayed once. the president can argue all the bad things will happen and the food will be unsafe and the nuclear weapons will get lost in russia or whatever else he'll say, but eventually this is a problem that can't just be outrun. >> well, and the white house, at least the president's version of the story is he didn't come up with sequester and there are questions as you mentioned...
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' fangs with respect to the debt ceiling. that's probably the big risk that the market was worried about. >> you made recent changes to your 2013 allocation strategy. some of them are interesting. high volatility u.s. large caps and micro cap stocks. it would seem you're increasing the beta place. when you say u.s. large cap volatile stocks, what do you mean by that? >> well, we believe that there's an evolution in the asset classes that investors are going to be tapping into in the next decade. you know, if you look back over the last 20 years, people spent a lot of time arguing, what was the value stock, what was a growth stock. and a lot of times it was in the eye of the beholder. volatility is a much more objective mesh yasure of what a stock is. you can do very good long term, 80 and 90-year analysis of what this asset class means. and right now, we show high volatility stocks have been beaten down very, very much in the rally, relative to low volatility, sort of bond proxy stocks. that suggests to us that they're one of
' fangs with respect to the debt ceiling. that's probably the big risk that the market was worried about. >> you made recent changes to your 2013 allocation strategy. some of them are interesting. high volatility u.s. large caps and micro cap stocks. it would seem you're increasing the beta place. when you say u.s. large cap volatile stocks, what do you mean by that? >> well, we believe that there's an evolution in the asset classes that investors are going to be tapping into in the...
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i mean, the sequester, the debt ceiling, fiscal cliff, all these things are not so much real problems as they are manufactured partisan problems. but underneath them, you have this real problem which is basically the republicans won the debate on taxes, and the democrats have won the debate on the safety net. and as a result, that's sort of the deficit that we have. and the question is how can we solve it? and history suggests economic growth is the best way, but this deficit is also big enough in the long term that it's probably not going to be enough. and we need some combination of spending cuts and tax increases as well. >> yeah, how do we make that happen, sam? >> i was going to say, part of the problem is the tax revenue problem, which is that you don't have enough people making good incomes, paying good taxes, which is used to fund the social safety net that we value very highly. but it's also a health spending problem in that we spend a of d a lot of that's end of life health as well. one of the curious things about the health care debate when we're through, there's a huge bac
i mean, the sequester, the debt ceiling, fiscal cliff, all these things are not so much real problems as they are manufactured partisan problems. but underneath them, you have this real problem which is basically the republicans won the debate on taxes, and the democrats have won the debate on the safety net. and as a result, that's sort of the deficit that we have. and the question is how can we solve it? and history suggests economic growth is the best way, but this deficit is also big enough...